Nobody Knows
Thursday, 21 July 2011

¶ As August 2 approaches, and, with it, the prospect of making the nation’s creditworthiness walk the plank (see related story, almost anywhere you look), Wall Street “prepares.” Louise Story and Julie Cresswell talk to fund managers around town (and even in Philadelphia), and learn that, for the most part, managers are going to argue for whistlin Dixie. Timothy Sloan, CFO at Wells Fargo, pulls the rug out from under the story with his laconic candor. “Because nobody knows what is going to happen, nobody knows how to prepare,” he said.” Now, if the reporters had only opened with this quote, we’d have known where we were going!